“President Trump has opened up the economy. Lowered tax rates, deregulation, he stopped the war against business. He stopped the war against success,” said Mr. Kudlow.

“Now the American economy is crushing it and it will go on for a while in my judgment,” said Mr. Kudlow.

“If you can keep more of what you earn …. If your paychecks are bigger after-tax, after inflation, that goes on” to spark an overall robust economy that is “building new businesses, plants, equipment, technology, campuses, you name it,” he said.

“Why can’t that go on for a good many years? We have not had that in almost 20 years.”

Mr. Kudlow’s praise of the US economy comes just days after Fed Chairman Jerome Powell welcomed recent increases in Americans’ wages while expressing confidence that low unemployment won’t spur a takeoff in prices that would force him to hike interest rates aggressively.

“The rise in wages is broadly consistent with observed rates of price inflation and labor productivity growth and therefore does not point to an overheating labor market,” Chairman Powell said in a speech last week in Boston. “Further, higher wage growth alone need not be inflationary.”

Chairman Powell said he expects to stick with the central bank’s current path of gradual interest-rate hikes while monitoring a set of risks presented by the current environment of very low unemployment and low inflation.

“This historically rare pairing of steady, low inflation and very low unemployment is testament to the fact that we remain in extraordinary times,” he said. “Our ongoing policy of gradual interest rate normalization reflects our efforts to balance the inevitable risks that come with extraordinary times, so as to extend the current expansion, while maintaining maximum employment and low and stable inflation.”